Hedge fund giant Steve Cohen is still killing it.
The New York Times’ Matthew Goldstein reports that Point72 Asset Management has generated about $US1.8 billion this year and about $US800 million this summer in gross profit, according to a person familiar with the company.
This performance would have been higher if the S&P 500-stock index did not fall roughly 6% this month. Point72 was dragged down with the index by about $US400 million in stock positions, according to The Times.
The average hedge fund was up 3.07% at the end of September, according to the Hedge Fund Research composite index.
Cohen managed as much as $US14 billion when Point72, now a family office, was SAC Capital. SAC plead guilty to insider trading last year.
Cohen agreed to stop managing money for outside investors in a plea agreement, and transformed SAC to become Point72. In April it opened with about $US10 billion, and the exact amount it currently manages has not been disclosed.
Cohen has a personal net-worth of $US10.3 billion and saw a $US1 billion jump in his fortunes in the past year, according to the Forbes 400 richest list.